With a diversified portfolio of exports, India’s position as a global trading hub continues to rise. The export landscape of India, from refined petroleum to precious gemstones, is huge and dynamic. These exports shape not only a significant part of the nation’s GDP but also help various businesses and industries reach out to every nook and corner of the world. We will talk here about the top 10 things India exports, the main documentation needed for such exports, and how this has been simplified for business people through the rise of e-commerce sites like Amazon Global Selling.
Key Export Products from India
India is a global hub for diverse export commodities, contributing significantly to international trade. Let’s take a closer look at the top ten most exported products from India and their global impact:
1. Petroleum Products
The main export commodities include petroleum products, which account for a large share of India’s export revenue. Refined petroleum and crude oil derivatives are among the key export commodities which India exports; hence, it is a major player in the world’s energy market. Most of the Indian petroleum products are sold to the UAE, China, and Singapore.
2. Gems and Jewellery
India has emerged as the front runner among the countries exporting gems and jewellery. The skilful craftsmanship of Indians amalgamated with modern techniques helped place the country at the front line in the export of jewellery. Hong Kong and the United Arab Emirates mainly import high value products.
3. Textiles and Garments
With such a rich history related to the production of textiles, India has turned out to be one of the major exporters of textiles and garments in the world. From cotton, silk, and ready-made clothing, Indian textiles are in high demand on the global market. Bangladesh, the United States of America, and the United Kingdom have emerged as major export destinations for textile products manufactured in India
4. Pharmaceuticals
The Indian pharmaceutical industry has grown into a powerhouse that manufactures high-quality, generic medicines and vaccines for export to almost all parts of the world. Its contribution to health care drug development has become indispensable, particularly in vaccine production for some common and rare diseases. Familiarly known as the ” pharmacy of the world”, Indian pharmaceuticals take their enormous products to over 200 countries worldwide, one of the largest markets being the US.
5. Organic – Inorganic Chemicals
The chemical industry is amongst the other major exports that contribute a lot to India’s export earnings. Organics and inorganics used both in agriculture, Pharmaceuticals, and manufacturing are shipped in large proportions across European, Asian, and North American countries. The robust chemical industry in the country continuously witnesses growth due to quality and diversity, respectively.
6. Machines and Equipment
Starting from electrical machinery to industrial equipment, India exports a huge amount of machines and equipment to all regions of the world. It is known that India produces quality machinery that forms the backbone of infrastructure and construction projects undertaken in other countries. Major export destinations for Indian machinery and equipment include countries such as Germany, the United States, and Saudi Arabia.
7. Iron and steel
Iron and steel have emerged over the years as significant export items for Indian industry. These products have immense demand in various industries, such as construction, automobiles, and manufacturing. Indian steel has been garnered because of its high quality, which cannot be damaged easily, and is mainly exported to the Middle East, China, and Southeast Asia.
8. Vehicles
The automobile sector has seen a boom in India, making it one of the largest export-oriented industries. The range of exports is long, from two-wheelers to four-wheelers to greater overseas destinations such as the United Kingdom, South Africa, and Mexico.
9. Dairy Products
India is one of the biggest producers of dairy products in the world, and these dairy products are now exported to almost every part of the world in the form of milk powder, butter, and cheese. The main demand for the Indian dairy products, especially because of their high-quality and reasonably priced products, is from the countries namely Australia, United States, and Russia
10. Tea
Aromatic and full of flavour, Indian tea is one of the most loved beverages in the world. Assam and Darjeeling teas are in great demand in countries such as Russia, the United States, and the United Kingdom. India exports large quantities of tea, thanks to its status regarding really good teas for ages.
Documents Required for Export from India
The process of exporting most exported products from India includes a number of formalities related to government regulation and international standard requirements. Some of the key documents through which the smooth export of products can be facilitated are listed as follows:
a. Importer-Exporter Certificate (IEC)
For export and import businesses, the IEC is compulsory, which is issued by the Director General of Foreign Trade; it is treated as a passport to business in international trade.
b. Goods and Services Tax Identification Number (GSTIN)
Any business dealing in the export of goods or services to or from India must have a GSTIN. It is also desirable, as it helps in maintaining compliance on taxation matters and provides exemptions from taxes concerning exports.
c. Permanent Account Number (PAN)
A PAN card is necessary to monitor and trace financial transactions of the business concerned with international clients and other financial institutions.
d. Customs Documentation
All the exports are to be cleared through customs, involving documentation and valuation, followed by the duty-clearing procedure. This would involve the submission of forms like the Shipping Bill or Bill of Entry and follow-through on export duties and taxes payable.
e. Documentation of Logistics and Shipment
After legal clearances are obtained, the business must arrange for its logistics, find the right freight carriers and ensure that the shipment is in conformance with the rules of the importing country. Third-party agents, called freight forwarders or customs brokers, may be used to prepare the shipment for dispatch.
Endnote
The export landscape of India is growing and increasing day by day .From petroleum products to tea, the country has carved a niche for itself in the global export market. E-commerce platforms like Amazon Global Selling have made it easier than ever to break into the global market, with support at every turn in the exportation process. As we move into this connected world, Indian exporters are increasingly expected to play a dynamic role in shaping up the global trade dynamics, thereby creating growth opportunities for the economy by servicing the demand of international consumers.